REPORT TO THE CITY COUNCIL
August 20, 2020
FROM: MICHAEL LIMA, Finance Director/City Controller
Finance Department
BY: PHILLIP HARDCASTLE, Principal Accountant - Debt Administration
Finance Department
SUBJECT
Title
TEFRA HEARING - To hear and consider information concerning the proposed issuance of Multifamily Housing Revenue Bonds by California Statewide Communities Development Authority for the purpose of financing or refinancing the acquisition, rehabilitation, improvement and equipping of Pleasant Village Apartments
1. ***RESOLUTION - Approving the issuance by the California Statewide Communities Development Authority of Multifamily Housing Revenue Bonds, in an aggregate principal amount not to exceed $15 million for the purpose of financing or refinancing the acquisition, rehabilitation, improvement and equipping of Pleasant Village Apartments and certain other matters relating thereto (Subject to Mayor's veto).
Body
RECOMMENDATION
Staff recommends that the Council first hold a Tax Equity and Fiscal Responsibility Act (TEFRA) public hearing and then, upon conclusion, adopt the accompanying Resolution approving the issuance of Multifamily Housing Revenue Bonds (Bonds) in the aggregate principal amount not to exceed $15 million by the California Statewide Communities Development Authority (CSCDA) on behalf of Pleasant Village Preservation, L.P. and 21 Alpha Group, LLC (collectively, Borrower) for the purpose of financing or refinancing the acquisition, rehabilitation, improvement and equipping of Pleasant Village Apartments (Project).
EXECUTIVE SUMMARY
The Borrower is seeking to obtain financing or refinancing in an amount of not to exceed $15 million for the acquisition, rehabilitation, improvement and equipping of the Project located at 3669 North Pleasant Avenue. The new tax exempt bonds will be issued by CSCDA. As a jurisdiction in which the facilities are located, the City Council must hold a public hearing in accord...
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